2021 Real Estate Values Up For 88 Percent Of Fairfax County Homes

FAIRFAX COUNTY, VA — Fairfax County has released 2021 property assessments, showing average home values climbing above $600,000 and residential assessments increasing by an average 4.25 percent countywide.

Data indicates 88 percent of residential properties increased in value due to equalization, or market-driven increases. Just 4.4 percent decreased in value, and 7.6 percent saw unchanged values. The average assessment for all homes is $607,752, up from $582,976 in 2020. The county noted housing prices increased in most parts of the county due to record-low interest rates and low inventory.

For single-family homes, the average value is $725,327, an increase of 4.17 percent from last year. Townhouse and duplex properties are valued at an average $460,526, an increase of 5.13 percent. Condominiums are assessed at an average $304,877, an increase of 4.62 percent.

Here are the average equalization changes by district in Fairfax County:

• Lee: 6.32 percent
• Mount Vernon: 5.29 percent
• Mason: 5:13 percent
• Braddock: 5.06 percent
• Springfield: 4.89 percent
• Sully: 4.6 percent
• Providence: 3.91 percent
• Hunter Mill: 3.67 percent
• Dranesville: 2.53 percent

Assessments for commercial, industrial and rental apartment properties decreased by an average 4.05 percent. The county cited increased vacancies, collection loss and market risk in commercial real estate, particularly for restaurants, retail and hotels.

The fiscal year 2022 budget proposed by County Executive Bryan Hill calls for a one-cent reduction to Fairfax County's real estate tax rate. That would set the real estate tax rate at $1.14 per $100 of assessed value. However, the increase in home assessments in the county means the typical residential annual tax bill will increase on average by $224.15.

Fairfax County property owners are receiving their 2021 assessments in the mail, and assessments may also be viewed online. Assessments and the real estate tax that will be set by the Board of Supervisors factor into the real estate tax bills that will be due on July 28 and Dec. 5.

See more information on assessments and the budget process online.